Dechert layoffs Forum
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Dechert layoffs
Anyone else hear about this? And is it firm/practice group wide or is it limited to finance and real estate?
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Re: Dechert layoffs
A few posts in other threads.
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Re: Dechert layoffs
nvm
Last edited by Blackfish on Thu Sep 15, 2016 2:58 am, edited 1 time in total.
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Re: Dechert layoffs
These guys?Anonymous User wrote:Anyone else hear about this? And is it firm/practice group wide or is it limited to finance and real estate?
http://www.top-law-schools.com/forums/v ... 0#p9544590
http://www.top-law-schools.com/forums/v ... 2#p9543972
No way to know if that's true. I work in the corporate group in one of the satellite offices, and everyone here is fine. There's nothing on above the law, so if anything is happening, I assume it's not a firmwide problem.
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Re: Dechert layoffs
From the perspective of those affected, what benefit is there to emailing ATL? If the firm says it's firm wide, is there reason to doubt them?
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Re: Dechert layoffs
there was another thread about a different firm, no offering an SA class. If Dechert is laying off people, what would that mean for their SA classes, and should we be on the look out now for more firm's having financial problems? A&P's merger is another worrying signal about the current legal market. thoughts?
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Re: Dechert layoffs
I think you are referring to the Nashville firm no-offering their 3 person summer class? While that sucks for those SA's, I would not compare that situation to anything happening (or not happening) at a firm like Dechert, or take it as a signal of the larger legal market.cdotson2 wrote:there was another thread about a different firm, no offering an SA class. If Dechert is laying off people, what would that mean for their SA classes, and should we be on the look out now for more firm's having financial problems? A&P's merger is another worrying signal about the current legal market. thoughts?
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Re: Dechert layoffs
what's your reasoning behind the bolded? I think most people are confused about why A&P merged with Kaye Scholer, but without more information I don't see it as a signal of the legal market.cdotson2 wrote:there was another thread about a different firm, no offering an SA class. If Dechert is laying off people, what would that mean for their SA classes, and should we be on the look out now for more firm's having financial problems? A&P's merger is another worrying signal about the current legal market. thoughts?
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Re: Dechert layoffs
Not sure what previous poater meant, but there are a couple reasons to be concerned:misterjames wrote:what's your reasoning behind the bolded? I think most people are confused about why A&P merged with Kaye Scholer, but without more information I don't see it as a signal of the legal market.cdotson2 wrote:there was another thread about a different firm, no offering an SA class. If Dechert is laying off people, what would that mean for their SA classes, and should we be on the look out now for more firm's having financial problems? A&P's merger is another worrying signal about the current legal market. thoughts?
1. Post-merger firms hire less than if the two firms were separate
2. Firms increasingly are merging to escape financial difficulties
3. Law firm mergers are notoriously unsuccessful
I'm on a phone at work so not going to launch into these at detail now but mergers are not a good sign on the whole. Whether A&P KS specifically is a problem is a whole different analysis which I haven't bothered to look into, but rarely do two firms get together because they're both super profitable and jusy are hankerin' to get even bigger.
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Re: Dechert layoffs
I think in A&P's case they merged because they were falling pretty far behind their peer DC firms who have merged/grew considerably. Wilmer and Hogan both had been (and arguably successful?) mergers and Covington is up to like 600 lawyers in the DC office now, while A&P was significantly behind. They were just losing business to the bigger firms in DC due to economies of scale (and I think that was an impetus behind the merger).Capitol_Idea wrote:Not sure what previous poater meant, but there are a couple reasons to be concerned:misterjames wrote:what's your reasoning behind the bolded? I think most people are confused about why A&P merged with Kaye Scholer, but without more information I don't see it as a signal of the legal market.cdotson2 wrote:there was another thread about a different firm, no offering an SA class. If Dechert is laying off people, what would that mean for their SA classes, and should we be on the look out now for more firm's having financial problems? A&P's merger is another worrying signal about the current legal market. thoughts?
1. Post-merger firms hire less than if the two firms were separate
2. Firms increasingly are merging to escape financial difficulties
3. Law firm mergers are notoriously unsuccessful
I'm on a phone at work so not going to launch into these at detail now but mergers are not a good sign on the whole. Whether A&P KS specifically is a problem is a whole different analysis which I haven't bothered to look into, but rarely do two firms get together because they're both super profitable and jusy are hankerin' to get even bigger.
If I were an A&P lawyer, I'd be a little nervous moving forward. I don't know if it says anything about the market as a whole though.
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Re: Dechert layoffs
Wilmer and Hogan are the prime examples of successful mergers. K&L Gates, Dewey, Bingham, Squire Patton, Thelen, and Locke Lord, to name a few, are examples of concerning or outright bad mergers.
Put in this context A&P's move makes some sense on paper but it's generally a risky proposition making a merger work long-term.
Put in this context A&P's move makes some sense on paper but it's generally a risky proposition making a merger work long-term.
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Re: Dechert layoffs
Not necessarily. Summer #'s are published, and these decisions are made with a high degree of recency bias (financials in July will probably be most important). On PPP, issue isn't that business is down 10 or 15%, but that it was also anticipated to be up by 10 or 15%. This leads to 3L hiring and literals for anticipated business that isn't there. PPP is protected through layoffs. To some extent, that's life. You bet on a firm, and if you bet wrong, good riddance. When this happens more than once, it seems less like an apparition and more like a strategy.cdotson2 wrote:there was another thread about a different firm, no offering an SA class. If Dechert is laying off people, what would that mean for their SA classes, and should we be on the look out now for more firm's having financial problems? A&P's merger is another worrying signal about the current legal market. thoughts?
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Re: Dechert layoffs
Associate on West Coast at Dechert. All exits (4) from my office have been voluntary (to in-house or lateral positions) this year. Actually, I am not aware of anyone being laid off or asked to leave in the last three to four years.
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Re: Dechert layoffs
Post above is obviously bs. The partners were openly discussing the financial woes and inability to bring in business the same day this post was made.
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Re: Dechert layoffs
Not to discredit what you're saying (perhaps you knew these people and their circumstances personally) but it sounds like biglaw firms like using the "stealth layoff" method for trimming down... esp. for economic reasons.Anonymous User wrote:Associate on West Coast at Dechert. All exits (4) from my office have been voluntary (to in-house or lateral positions) this year. Actually, I am not aware of anyone being laid off or asked to leave in the last three to four years.
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Re: Dechert layoffs
Every time this thread gets bumped I internally freak the fuck out.
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Re: Dechert layoffs
Two points responding to the A&P discussion from earlier in the life of this thread, as long as it's back:
1. APKS DC class size this year is 25, almost ten more than last year. I don't know if KS hired summers for what was a 20 person DC office, but I don't think that's the reason for the larger class.
2. I also doubt the merger was about any A&P deficiencies in DC -- there were only a handful of attorneys to come over from KS's small office. In contrast, A&P now has 340 attorneys in NYC, as compared to around 100 before, and the announcement, for what it's worth, talked about the new practice areas that brings in. So I don't know that the move had much if anything to do with DC.
1. APKS DC class size this year is 25, almost ten more than last year. I don't know if KS hired summers for what was a 20 person DC office, but I don't think that's the reason for the larger class.
2. I also doubt the merger was about any A&P deficiencies in DC -- there were only a handful of attorneys to come over from KS's small office. In contrast, A&P now has 340 attorneys in NYC, as compared to around 100 before, and the announcement, for what it's worth, talked about the new practice areas that brings in. So I don't know that the move had much if anything to do with DC.
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Re: Dechert layoffs
Could we not do the A&P speculation here? I work at Dechert and am vaguely concerned when this thread is bumped, and would prefer it is only bumped for actual news related to layoffs.
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Re: Dechert layoffs
Could someone give a TL;DR for what is going on at dechert? The thread isn't long, but it seems like sporadic speculation. Fake news?Anonymous User wrote:Could we not do the A&P speculation here? I work at Dechert and am vaguely concerned when this thread is bumped, and would prefer it is only bumped for actual news related to layoffs.
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Re: Dechert layoffs
I work at Dechert in one of the satellite offices (not Philly, not NYC). Things have been slow in my group for a little while, but I haven't heard of any layoffs. If people are getting laid off in the other offices for economic reasons, please let me know...RaceJudicata wrote:Could someone give a TL;DR for what is going on at dechert? The thread isn't long, but it seems like sporadic speculation. Fake news?Anonymous User wrote:Could we not do the A&P speculation here? I work at Dechert and am vaguely concerned when this thread is bumped, and would prefer it is only bumped for actual news related to layoffs.
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Re: Dechert layoffs
More like 3-6 month old news. The aggrieved could either get nothing or sign a non-disclosure agreement. In 2008-09, people weren't made to sign these agreements. Look, this is at will employment and nobody forces you to go to a firm. It's swim at your own risk.
I'm only writing this because it's bad to be out of work but worse if you can be sued if you say why. When you reaize your career may be over because you bet on the wrong firm and became a lawyer to help people, the threat of being blackballed or sued isn't as threatening. If one person has a career or even electrocity or a hot meal because of something you did, you regain some sense of purpose. I'm not saying it's not a great firm. I just wish i knew so i could have had a contingency plan.
I'm only writing this because it's bad to be out of work but worse if you can be sued if you say why. When you reaize your career may be over because you bet on the wrong firm and became a lawyer to help people, the threat of being blackballed or sued isn't as threatening. If one person has a career or even electrocity or a hot meal because of something you did, you regain some sense of purpose. I'm not saying it's not a great firm. I just wish i knew so i could have had a contingency plan.
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Re: Dechert layoffs
There's the internal conflict between wanting to help other people, and the possibility you will be sued for doing so. It's not 2008 when everyone knew. You only get severance if you sign a non-disclosure. It's a great firm and this doesn't change that, plus finances change rapidly at the smaller big law firms. Job stability is nice, but it's only one factor. For some people, having dinner on the table is very important. For others, it's dress code. Can you even enjoy that dinner if you're wearing a tie that restricts your esophagus? At the end of the day, it boils down to your personal values.
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Re: Dechert layoffs
I've been getting more worried recenty because of the layoffs. There was an ATL article recently about a silicon valley firm (I edited this comment to take out the firm name out of fear lol) not letting some of the summer associates who failed the bar to take it a second time, and instead just letting them go. Then there were layoffs of supporting staff at some other firm. And now this at Deschert. I've also heard that work is slow in some firms for associates. I've had a feeling for the last year or so that there is a wave of huge layoffs coming and a lot of us are clueless about it. I'm hoping it's not true and that all of this isn't a sign of something bigger to come.
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Re: Dechert layoffs
Incoming associate. Take everything I say with a grain of salt.
-Heard a while ago that the finance and real estate practice group was slow (seems to be an industry-wide thing though?).
-I know someone in the corporate & securities group who has been slammed with work recently.
-Separately, I've noticed that the firm's been hiring a lot of partners recently in Europe and Asia. Not sure how this factors into things.
Hopefully nothing big is stirring, either at the firm or the industry as a whole.
-Heard a while ago that the finance and real estate practice group was slow (seems to be an industry-wide thing though?).
-I know someone in the corporate & securities group who has been slammed with work recently.
-Separately, I've noticed that the firm's been hiring a lot of partners recently in Europe and Asia. Not sure how this factors into things.
Hopefully nothing big is stirring, either at the firm or the industry as a whole.
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